Quick Notes Accounting Reviews
First Understand the Direction
Do not be in a hurry to record
Read the directions carefully. Be sure to underline the important dates,
amounts, and problem requirements.
Second Understand Business Activity
Accounting transactions describe a
business activity. To record this activity you must understand it
thoroughly. State the given data and do the math calculations. If an earlier Journal Entry is involved,
make it part of your analysis.
Then Organize Information
Try to arrange data in an
organized fashion. Record data in balance sheet arranged T accounts.
Show formulas and
finance cash, receivable, payable.
Record why financing occurred assets
purchased, expenses incurred or revenue earned.
Make sure debits
Accounting Cycle Basics
Accounting Cycle Basics with Example
Time Value of
Accounting I & 2
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